|Bid||102.05 x 800|
|Ask||102.98 x 1000|
|Day's Range||101.81 - 106.29|
|52 Week Range||79.41 - 161.79|
|Beta (5Y Monthly)||1.28|
|PE Ratio (TTM)||9.50|
|Earnings Date||Jul. 15, 2020|
|Forward Dividend & Yield||4.60 (4.50%)|
|Ex-Dividend Date||Jul. 16, 2020|
|1y Target Est||115.93|
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised H.I.G. Capital’s investment affiliate, H.I.G. Advantage (H.I.G.), on its acquisition of Supply Source Enterprises, Inc. (SSE) from Genuine Parts Company (GPC). SSE is a leading manufacturer of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products. The transaction was led by Bob Baltimore and Graham Gillam of the Harris Williams Specialty Distribution Group.
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised The Retina Group of Washington (RGW) on its transaction with PRISM Vision Group (PRISM), a portfolio company of Quad-C. RGW is a leading provider of retinal and macular care in the greater Washington, D.C., Maryland, and Virginia (DMV) region and, as part of the PRISM network, will be the platform practice for building a vertically integrated eye care network in the region. The transaction was led by Andy Dixon, Paul Hepper and Brian Jones of the Harris Williams Healthcare & Life Sciences (HCLS) Group and Beau Pierce of the firm’s Richmond office.
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising Capita plc (Capita), a consulting, transformation and digital services business, on the pending sale of Eclipse Legal Systems (Eclipse) to The Access Group (Access). Eclipse is a leading mid-market case, matter and practice management software provider operating primarily in the U.K. legal market. The transaction is being led by Thierry Monjauze, Mathew Tsui and John Levy of the firm’s London office.
Several U.S. banks are closing branches and offices early on Friday to observe the Juneteenth holiday, which commemorates the day in 1865 when the last group of enslaved African Americans learned slavery was abolished. Capital One Financial Corp, Fifth Third Bancorp and PNC Financial Services Group will close branches at 2 p.m. local time.
(Bloomberg) -- PNC Financial Services Group Inc. isn’t rushing to use the roughly $14 billion freed up with the sale of its BlackRock Inc. stake.“We will be patient,” Chief Executive Officer William Demchak said Tuesday at Morgan Stanley’s Virtual U.S. Financials Conference. “This hasn’t begun to play out in our economy in terms of what the impacts are and what the opportunity set will be that comes out of it.”PNC last month sold its 22% stake in BlackRock, positioning it to seize opportunities amid the economic turmoil caused by the coronavirus pandemic. Demchak said Tuesday that Pittsburgh-based PNC will ideally use the funds for a geographical expansion focused on commercial and industrial lending and real estate.“We expected, and still expect, there to be some fairly substantial disruption across the financial landscape, and we wanted to be able to take advantage of that from an offensive standpoint as opposed to be playing defense and hoarding capital,” Demchak said.PNC shares are down 21% this year, slightly less than the decline in the 24-company KBW Bank Index.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Carolina Marine Terminal, Inc. (CMT), a leading privately owned port facility, on its investment from Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure and Savage. The transaction was led by Jeff Burkett, Jonathan Meredith and Brett Bordlee of the Harris Williams Transportation & Logistics (T&L) Group and is a testament to the ability to achieve successful outcomes despite today’s uncertain market.
On May 15, some of the world's best investors -- including the "Oracle of Omaha," Warren Buffett himself -- had to file their quarterly 13F forms with the Securities and Exchange Commission. It offers a window into what top investors have been buying, selling, and leaving alone. Here are three stocks that top investors have recently been buying, and some reasons why you might want to do the same.
Moody's Investors Service affirms ratings and assessments of PNC Financial (PNC) and its bank subsidiary. Further, the rating firm's outlook for the bank has been maintained at "stable".
Digital only bank Dave provides services to customers including budgeting and assisting with building better credit. Dave CEO Jason Wilk joins The Final Round to discuss the company model and what customers are concerned about in regards to COVID-19.
PNC Financial Services Group (NYSE: PNC), the holding company of PNC Bank, grabbed headlines by announcing its intention to sell its roughly $17 billion stake in BlackRock (NYSE: BLK), the world's largest asset manager. The bank, which has $412 billion in assets, will conduct the sale of its 34.8 million common and preferred shares of BlackRock (22.4% ownership) through a registered offering and buyback. BlackRock has agreed to repurchase $1.1 billion worth of its stock from PNC upon completion of the offering.
The S&P 500 dropped 2% on Tuesday as investors took profits following a warning from the top U.S. infectious disease expert that premature moves to reopen the nation's economy could lead to novel coronavirus outbreaks and set back economic recovery. The index suffered its first decline in four sessions as investors weighed the potential for a second wave of virus infections against hopes that easing of stay-at-home restrictions could ignite a recovery in the U.S. economy, which has been severely damaged by the virus. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Congress that the virus, which has already killed 80,000 Americans, was not yet under control and that there would not likely be a treatment or vaccine in place by late August or early September.
The S&P 500 closed lower after a choppy session on Tuesday as investors took profits following a warning from the top U.S. infectious disease expert that premature moves to reopen the nation's economy could lead to novel coronavirus outbreaks and set back economic recovery. "This market today is playing it a little safer," he said.
The S&P 500 dipped in choppy trading on Tuesday as the top U.S. infectious disease expert warned Congress that a premature opening of the nation's economy could lead to additional outbreaks of the novel coronavirus. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Congress that the virus, which has already killed 80,000 Americans, was not yet under control and that there would not likely be a treatment or vaccine in place by late August or early September.
PNC Financial Services Group (NYSE: PNC) is selling its stake in BlackRock (NYSE: BLK), the world's largest asset manager with about $6.5 trillion in assets under management. PNC bought into BlackRock for $240 million in 1995, and with its 22.4% ownership stake (34.8 million shares), it's the company's largest shareholder.
(Bloomberg Opinion) -- If you didn’t know that Pittsburgh-based PNC Financial Services Group Inc. owned 22% of the world’s biggest asset manager, you do now. The U.S. regional bank says it’s selling its entire holding in BlackRock Inc., worth $17 billion. Both absolutely and relative to the size of the company, it’s a jaw-dropping transaction that raises questions about what the asset manager’s share register will look like in future.PNC has judged that it has better opportunities for its capital than continuing to ride the shift toward passive investing (and market gains) that BlackRock stock has provided. After diving to $327 apiece during the March coronavirus rout, BlackRock’s shares closed on Monday at $493 — just shy of their 2019 high. PNC doubtless doesn’t want to risk seeing another market correction when it can sell at these levels.But for such a longstanding holder to be disposing of its entire stake sends a negative signal — even if PNC simply sees crisis-driven acquisition opportunities in its backyard. It is in both PNC’s and BlackRock’s interests to work together to get this mammoth deal done. BlackRock is issuing a prospectus. This up-to-date snapshot of the business ought to provide investors some comfort that they know what they need to know. BlackRock will buy $1.1 billion of the offering — a sign that it’s confident in itself and a move that usually boosts earnings per share.It’s not clear whether the three investment banks involved — Citigroup Inc., Morgan Stanley and Evercore Inc. — have guaranteed PNC a specific price on the block, or whether the terms will be the result of indicative orders now being placed by investors. A hard underwriting commitment would be a brave thing in these markets, but there’s a price for everything.Either way, much of the legwork of this transaction will have been done already. It’s hard to believe the protagonists would have announced this move unless they’d lined up some interested parties, starting with existing shareholders. This is an opportunity to snap up a big stake in BlackRock without pushing up its share price while you’re doing the buying, as would happen when acquiring in the market. That the shares barely budged in out-of-hours trading suggests the stock market isn’t anticipating indigestion.The sale necessarily starts out as a collaborative process. But as PNC will not remain a shareholder, its obligations are primarily to its own investors. Its priority has to be getting the best price for this transaction. BlackRock’s needs are somewhat different: It will want a supportive and varied set of incoming shareholders and a stable share price once the deal is done. There’s still potential for the two sides’ aims to collide on a transaction this size.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.